U are doing a great job in reminding ppl about the issues here & what is at stake.
We are talking about The Big Australian trying to keep Chinese interests out of the heartland, the Central Pilbara Iron Ore hub, at the expense of the UMC shareholders and via a lowball bid based on a suppressed shareprice - with UMC board's endorsement.
And yes, as per the other thread, potential asset stripping is one of the big issues that concerned shareholders are trying to avert.
Anyone emailing the ASIC contact Richard O'Clery should include in the email their full name and address, telephone number, and list their complaint(s) with any supporting evidence (links to UMC announcements/media releases etc) to backup the complaint.
As Magix66 posted on this thread, the ACCC can also be emailed with any concerns. Note that the cutoff date for submissions concerning BHP's bid for UMC is imminent - 30.10.09.
Additionally, The Takeovers Panel is the body that overseas corporate control transactions, and seeks to resolve takeover disputes.
The Takeovers Panel is not a first-starter organisation - it does not initiate reviews of takeovers. Reviews can be considered either by a party submitting an objection application (cost is just over $2k), or via a referral from a body like ASIC or the ACCC.
So if ASIC and/or the ACCC have good cause via complaints/objections lodged with them, they can refer the BHP bid for UMC for review to The Takeovers Panel. Interim orders can be made by The Takeovers Panel.
As I keep saying....this story aint over yet!
cheers.
UMC Price at posting:
$1.28 Sentiment: Hold Disclosure: Held
